Market Trends of Aviation Infrastructure Industry
Terminal Segment Will Showcase Remarkable Growth During the Forecast Period
The terminal segment is anticipated to grow significantly in the aviation infrastructure market. A substantial increase in airport terminal construction projects owing to increasing global aviation operations and the need to mitigate bottleneck issues at the airport is expected to boost the growth of the market studied in the coming years.
The global aviation industry has witnessed significant growth in recent years due to increasing operations and growing air traffic passenger numbers. Currently, various airport terminals are on the verge of reaching saturation levels, and this has led to an increase in several new airport terminal construction projects to mitigate such issues. Moreover, various airport infrastructure companies are also increasing their investments in research and development to construct new and advanced airport terminals capable of handling future aviation requirements.
For instance, in November 2023, Hensel Phelps, a leading aviation infrastructure company, announced that it was awarded a contract worth USD 1 billion to construct the new 17-gate terminal of the San Antonio International Airport in Texas, US. The company will also oversee the continued planning and eventual construction of the terminal.
Similarly, in September 2023, the Integrated Terminal Building (NITB) at Pune International Airport was expected to start operations in October 2023. The project included ten aerobridges and 72 check-in counters as a part of its infrastructure development. The construction of the new terminal building was to include a multilevel car parking area. Thus, a growing number of airports worldwide reaching saturation levels, as well as the increasing need to modernize airport terminals to meet future aviation requirements, is expected to generate a positive market outlook, leading to growth in the construction of new airport terminals globally during the forecast period.
Asia-Pacific Dominates the Market During the Forecast Period
Asia-Pacific held the largest shares in the market and is expected to continue its domination during the forecast period. Various factors, such as growth in various infrastructure projects within the region owing to an increase in commercial aviation operations and growing air passenger traffic, are expected to propel the growth of the market studied during the forecast period.
Commercial airline operations within the region have witnessed significant growth in recent years. Increasing air passenger numbers have led various air carriers within the region to invest significantly toward acquiring new and advanced commercial aircraft. For instance, in February 2023, Air India announced that it plans to acquire 250 Airbus aircraft in order to increase its operations in both domestic and international sectors. On the other hand, the region also witnessed substantial growth in various aviation infrastructure projects intended to support the aviation industry in the near future.
For instance, in November 2023, the Indonesian government announced the construction of a new airport that is expected to be fully operational by 2024, with a total construction cost of USD 263 million. In another instance, in June 2023, the Airport Corporation of Vietnam announced the inauguration of the new terminal 2 of the Phu Bai International Airport. The construction of Terminal 2 was flagged off in 2019 under a contract valued at USD 96 million. Currently, the airport is estimated to serve 5 million passengers each year and is connected by four passenger boarding bridges. Such developments are anticipated to drive the growth of the market studied across the region.
